Celebrating the new financial year

Tiana Barns
Communications Coordinator, Xero

BAS filed, wages reconciled, and income tax return done? Phew! you’ve made it through that end-of-financial-year rush and chances are you’re ready to celebrate. The new financial year is a perfect time to reflect, reset, and recharge as you head into FY18. Here are our tips for small businesses to bring in the new financial year.

Reflect

With the financial year coming to a close it’s a great opportunity to think back over the last twelve months. What did you accomplish? Did you manage to keep on top on getting the invoices out? What did you learn that you could do better this year?

It’s really important to review what worked well and celebrate those wins. But it’s also a good idea to consider what didn’t go so well and learn from it. Use the new financial year to take note of where your business is at. Look to the past to plan for the future – dig up your business plan and budget and see if you’ve stuck to it.

Reset

Think about your resolutions and set some goals for what you want to get from this financial year. Plan where you want your business to be this time in 2018, and set your top five priorities to make that happen.

Check that you’re updated with the latest technology to get you there. Keeping track of your budget, receipts, and inventory has never been easier with connected apps from Xero’s marketplace – there’s an app for almost everything, so take advantage of it! Even the ATO have an app – the ATO app – so come tax time, you have the tools and calculators for tax and super at your fingertips.

Recharge

After you’ve reflected on your achievements and set some business goals, it’s time to spend some time investing in yourself! Get organised and start planning some time away from work for the upcoming year.

According to Xero’s Travel Habits Report, 93% of SMB’s said taking annual leave helps avoid feeling burnt out at work; 75% believe taking scheduled time off is an opportunity to celebrate the work achievements of the past year; and nearly all said a holiday is an investment in personal well-being, and a necessity for maintaining a good work-life balance.

You could get a great deal on a get-away if you book in advance and you’ll also have something to look forward to. Make the most of those public holidays and even look at combining the Easter and Anzac period for an extra-long break.

Last but not least, trust your Xero advisor to take care of the numbers. You may not have gone into business to become an accountant or bookkeeper, but our Xero-certified advisors did. Get in touch with one of them through the advisor directory to start the new financial year on the right foot.